Public Management

Guinea: IMF approves $23.5mln under the ECF arrangement

Friday, 03 April 2020 17:22
Guinea: IMF approves $23.5mln under the ECF arrangement

(Ecofin Agency) - The Executive Board of the International Monetary Fund (IMF) approved on April 1, 2020, a disbursement for the equivalent of 17.213 million Special Drawing Rights (SDRs), about $23.5 million, to Guinea.

This new financial support marks the completion of the fourth review of the economic and financial program supported by an Extended Credit Facility (ECF) concluded between Guinea and the IMF. It brings the total disbursement under this arrangement to SDR 86.062 million, equivalent to about $ 117.6 million.

IMF says the performance recorded by Guinea in the implementation of the program remains generally satisfactory. However, the country is facing significant downside risks related to the covid-19 pandemic. Guinea's initial growth projections stood at 6% of GDP in 2020, against about 5.8% in 2019.

As a reminder, the three-year economic and financial program supported by the EFC in favor of Guinea was approved by the IMF Board of Directors on December 11, 2017, for the equivalent of 120.488 million SDRs, or about $170.1 million at the time of the approval of the agreement.

The program aims, among other things, to build resilience, increase public investment in infrastructure while preserving stability, strengthening social safety nets and promoting private sector development.

Borgia Kobri

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